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RRSP

I have $85000 unsecured debt. I want to file a CP to pay this off. However I have RRSP’S that would cover this debt . Can I still do a CP or would my RRSP’S affect this.

Posted from: Manitoba

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One Response to “RRSP”

A licensed trustee said...

Money that has been on deposit in an |RRSP for more than 12 months when you file a proposal (or for bankruptcy) is protected by law – your trustee can’t seize these funds and you cannot be forced to cash them out to pay down your debt.

When you offer your creditors a proposal you need to offer them the greater of: (1) what they would receive if you filed for bankruptcy; and (2) an amount sufficient to get them to vote for your offer – right now that means about 1/3 of your debt.